Johannesburg — ZIMBABWE has received some reprieve after a gold medallion company based in neighbouring South Africa pledged to finance the procurement of scarce commodities in the economically-besieged country.
African Medallion Group (AMG), the Johannesburg-based company founded by Zimbabwean entrepreneur and philanthropist, Frank Buyanga, made the offer in a letter to the Reserve Bank of Zimbabwe (RBZ) governor, Dr John Mangudya.
In a letter addressed to the government of Zimbabwe seen by CAJ News Africa, dated October 29, AMG offered to assist the country to ease shortage of oil and other basics in short supply.
Estee Mamman, chairman of the Sandton-headquartered company, said AMG was in a position to assist with the procurement and delivery of fuel, cement, cooking oil, pharmaceuticals and other commodities deemed necessary by the government of Zimbabwe through an infrastructure bond.
"AMG will require statutory approval to exercise this task," Mamman wrote in a letter also copied to Finance Minister, Mthuli Ncube.
By definition, infrastructure bonds are investment opportunities issued by a company that is authorized to sell bonds to investors.
After the bonds are released into the market and investors subscribe to them, the proceeds are used to finance projects across a country.
AMG said its offer was in a bid to be responsible corporate citizens, and the company found it necessary to contribute to alleviating the economic crisis in Zimbabwe.
Mamman said given the approval, AMG was ready to begin the procurement of the said commodities.
He said it was imperative that Zimbabwe considered the offer, as "the image of the nation at the international stage has been affected as can be seen on media platforms."
"We greatly look forward to your reply and to add value to the nation of Zimbabwe," Mamman concluded.
It could not be ascertained if the government of President Emmerson Mnangagwa would accept the offer.
The administration is under pressure to revive an economy that has been on a free-fall over the past decade.
Buyanga founded the African Medallion Group in 2017 as an initiative to raise awareness on wealth creation and wealth inclusion of Africans.